Issues for a non stock holding authority The Future of Housing in Kent and Medway 2016 & Beyond Issues for a non stock holding authority Satnam Kaur Chief Housing Officer

Financial Pressures Significant Reduction in Core Funding 2019/2020 65% T&M (National average 44% )

Financial Pressures New Homes Bonus Consultation Reduction in payment period - 6 to 4 years Redistribution of payments to adult social care Restricted Council Tax Increases Cumulative affect circa 50% reduction in funding by 2019/2020 Larger funding reductions for District Councils compared with upper tier authorities

T&M Current Position Affordability Issues Circa 1,000 households on Housing Register Increased homeless presentations & acceptances - 50 % in last two years Increased use of TA & length of stay SHMA – 673 homes gross pa 2011-2031 SHMA – 277 affordable homes pa (70% rented, 30% shared ownership)

Affordability Pressures Shared Ownership Example 2 bed end terrace OMV = £320K Mortgage pcm - £498 Household income = £56K Rent pcm- £513 % share purchased = 30% (£96K) Service Charge pcm - £25 15% deposit = £14,400 Total cost pcm - £1,036 Mortgage = £81,600

Affordable Housing Completions 2010-2015 628 new homes 456 rented homes 172 shared ownership

Headlines & Impacts Right to Buy (Housing Association Tenants) End of Automatic H/B Entitlement for 18-21 year olds Capping HB for social rents to LHA Levels Freezing of LHA Working Age Benefits Pay to Stay Proposed Changes to Planning Policy Benefit Cap Reduction Right to Buy (Housing Association Tenants) Rent Restructuring

Summary Stricter Affordability criteria – where will we rehouse vulnerable groups? How and to whom will affordable homes be allocated? How will LAs discharge statutory duties? Likely increase in homeless presentations How can we ensure that we are meeting local housing need? How can we work in partnership to deliver both new and traditional priorities?